The news is a big boost for long-standing plans to redevelop the Albert Island site near North Woolwich, reports Ben Lynch, Local Democracy Reporter

Albert Island is a piece of derelict land between Albert Dock and the River Thames (credit Vistry Group)

The historic Smithfield and Billingsgate markets could move to a new combined site at the Royal Docks in Newham borough under plans unveiled by City of London Corporation.

The City, which manages the historic markets, has identified the potential site of Albert Island alongside the market traders and the owner of the land, the Greater London Authority (GLA).

The corporation’s policy chair, Chris Hayward, said the plans would contribute billions of pounds in economic growth and create “a win-win for traders and Londoners”.

The Local Democracy Reporting Service (LDRS) revealed in October that the “preferred location” for a combined Smithfield and Billingsgate market was in East London and that a potential new site in the Royal Albert Dock area had been visited.

The LDRS was also told by a source that while the City of London Corporation is providing support, the funding for a relocation will either come from the traders or a private developer.

Previous plans to move the markets to a new state-of-the-art facility in Dagenham were abandoned last year over ballooning costs.

Reacting to the news, Newham mayor Rokhsana Fiaz said: “The relocation of two of London’s historic markets to Newham promises new jobs, homes, and opportunities in our majestic Royal Docks.

“Billingsgate and Smithfield traders have chosen Albert Island as their preferred future home, bringing these historic London markets to Newham. This move will open strong commercial and employment prospects for residents and add fresh energy along the water’s edge.

“This announcement comes on top of the planned extension of the DLR from Beckton Riverside to Thamesmead, improving travel for the south of the borough and unlocking land for up to 25,000 new homes and 10,000 jobs.

“Newham is our home, but it’s also a borough bursting with ambition for our residents and business communities.

“I’ve spearheaded plans to deliver an inclusive, green, and innovative local economy that opens opportunities for all our residents.

“Now, we’re attracting inward investment, delivering better transport links through DLR expansion, and welcoming historic London markets who’ve chosen to call Newham home. This announcement acknowledges that Newham is a borough that delivers.”

The City agreed last November to withdraw from running Smithfield and Billingsgate for which final approval will be required from parliament. Subject to a private bill on the issue being passed traders are expected to continue at the markets until at least 2028.

Once traders have vacated, the current Smithfield Market site is to be used to house cultural and commercial offerings including the new London Museum. Billingsgate, which is in Poplar near Canary Wharf, having moved out of the City in the early 1980s, is earmarked to deliver thousands of homes.

The Royal Docks Team, a joint initiative between Mayor of London Sir Sadiq Khan, and Rokhsana Fiaz, has been working with the corporation to explore the possibility of moving the markets to Albert Island.

The corporation says the relocation is estimated to deliver around £750million in local expenditure, more than 2,200 jobs. The move would be reliant on planning permission from Newham Council.

Conversations are now expected to start with potential delivery partners on moving the markets to Albert Island, including funding and viability considerations.

Albert Island is located directly under the flightpath for nearby London City Airport (credit James Cracknell)

Hayward said: “We are investing in London’s future. By following through on our commitment to support traders to relocate, and to ensure our plans for new housing and culture at the vacated sites come to fruition, we are laying the foundations of future economic growth across the Square Mile, London and the UK.

“Redeveloping the current market sites will contribute billions of pounds in economic growth, thousands of new jobs and thousands of new homes. There’s a lot more to do – and a developer to be agreed – but this is undeniable progress.

“We are excited for the future, and by ushering in a new era for these historic markets, we’re creating a win-win for traders and Londoners. I look forward to sharing more progress as these plans take shape.”

Greg Lawrence, chair of Smithfield Markets Traders’ Association, said: “Identifying a preferred new site marks a significant step forward — and we’re well ahead of where we thought we’d be by Christmas. This location offers traders the space and opportunity to grow our businesses while continuing to serve customers across London and the South East.

“Along with my fellow traders, we will continue to work closely alongside the City of London Corporation, which has led efforts to identify a new site. We’re now all keen to get cracking with the next steps.”

Tony Lyons, chair of London Fish Markets’ Association, said: “Finding a site just a few miles away means we’ll still serve our customers while vastly improving both our working environment and ability to expand.

“Although there’s more work ahead of us to design a new, modern market, we’ll be staying open for business where we are for several more years.

“Identifying a new location means we can hopefully put people’s minds at rest that we – and the City of London Corporation – are doing exactly what we said we’d do; find a new home inside the M25 and create a vibrant future for these historic markets.”

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